Why Chemours (CC) Shares Are Jumping Today - Chemours (NYSE:CC)

The Chemours Company CC united with DuPont de Nemours, Inc DD and Corteva, Inc CTVA to attain a comprehensive PFAS settlement with U.S. water systems.
The agreement involves a settlement fund to resolve all PFAS-related drinking water claims of a defined class of public water systems that serve most of the U.S. population.
The class includes water systems with a current detection of PFAS at any level and those currently required to monitor for PFAS presence under EPA monitoring rules or other applicable laws.
The companies will collectively establish and contribute $1.185 billion, with Chemours contributing 50% (approximately $592 million) and DuPont (about $400 million) and Corteva (around $193 million) collectively contributing the remaining 50%.
The companies will fully fund the settlement amounts and deposit them into the water district settlement fund within ten business days after post court's preliminary approval.
The contract is expected to be finalised in Q2 2023 and then subject to approval by the U.S. District Court for the District of South Carolina.
Yesterday, CC announced the sale of the Glycolic Acid business to PureTech Scientific Inc. for $137 million.
Price Action: CC shares are trading higher by 18.9% at $32.24 on the last check on Friday.

Why Chemours Shares Are Jumping Today